MarketsGear.com has emerged as a new binary options signal service with a professional look, find out more about it in this first look at the service.
MarketsGear.com Binary Options Signal Service
MarketsGear.com is a new binary options signal service, but is it more than just another SSP? For those in the know signal service providers or SSP’s are often times nothing more than clever affiliate marketing gimmicks with no other intent than to get unsuspecting traders to deposit money. This does not mean that all SSP’s are bad, or that all signal providers are scammers, just that in a world of potential scams, SSP’s are an area to be especially careful with. The biggest and most important red flag to be aware of is the “free” signal service. If there is one thing that I know, nothing is really free, there is always a catch. Sometimes the catch is a simple email address, sometimes it is a whole lot more.
How does MarketsGear.com stack up versus all the rest? At first glance about the same. The first and most visible feature of the website is the free binary options signals heading. All it takes is three easy steps, first you sign up with MarketsGear.com which is totally free, then you connect with one of their brokers (reliable brokers of course) and then you place some trades. This means that you will have to make a deposit with a broker, and not any old deposit, a bright shiny new deposit that you connect to through their website. This is clear affiliate marketing because the service will be making money from your deposit. As I said, this does not mean there is anything wrong with them as a service, just that they make their money from affiliating. Affiliating is good, it provides inexpensive advertising for businesses and is a fantastic source of revenue for savvy web masters. It just depends on the webmaster and what he is selling you.
What Do You Get With MarketsGear.com?
I can tell you one thing for sure, MarketsGear.com is not an auto-trader or robot. This is a service providing real time signals that you have to act on. Basically its copy trading, they give a signal and you follow it. Signals are given at the top of the hour, with some fluctuation, and come in three types. There are one hour, 30 minute and 15 minutes signals which means you use a one hour, 30 minute or 15 minute expiry. Signals are provided on the website, once you register, log in and make a deposit, and then you enter them into your account provided you do so within the first 5 minute. The service claims a win percentage of 80% or better but that is questionable. Based on my review of their trade log they are doing about 65% win rates at best, and that is over the course of 75 trades.
One of the features of this service, and one that will no doubt impact your percentages, is that you can choose which signals to take or not. They give signals on over 30 forex pairs and more than a dozen international stock indices which makes for a wide variety of signals to choose from. As a trader you can filter signals by asset, expiry length, time of day and many other methods of your choosing. Without further study the only way to come close to matching the services percentages is to take all the trades. One thing that I noticed is that while the stats show profitability over the long term there are still protracted losing streaks that could wipe out your account. If you were to take all the trades for the next X hours and that was when a bad streak occurred you could lose everything.
My Last Words On MarketsGear.com
I think that MarketsGear.com could be an OK signal service but there are many caveats. First and foremost is that this site makes money through affiliate marketing which means it is their interest for you to deposit, and to deposit again and again. Not a deal breaker by any means but a red flag none the less. If this were a pay site I wouldn’t have that problem. Next up is that the win rates don’t stack up to the claims made by the home page. At best this service is creating wins in the range of 70% but I think on average it is more like 64-65%. Plenty to maintain long term profitability, if you are patient and use proper money management but this brings me to my third caveat. You have to take all the signals, or at least take all of one kind of signal and for at least 25 trades. If you are planning to just pop in and take whatever trade is current you could lose your ass. Just look below, Apple traders, or traders on 12/12, would have lost five trades in a row.